While annual inflation rates have been relatively low since 1992, those receiving fixed monthly pensions would have experienced a one-third reduction in the value of their pension benefits over this period.

Annual increases in pension benefits reported by HRS respondents between 1994 and 2008 amount to about one-third of the increase in the Consumer Price Index.

The increases are concentrated among respondents who report that their benefits are adjusted for inflation.

They are larger for workers in public administration than in other industries.